How long will it take to process a student loan?

Boarding school student loan: how do I get one / who can I get one from?

• I am an 11th grade student looking to transfer from my public highschool to a boarding school I have just been accepted into. I will be going for two years. The problem is that I have been put on the waitlist for financial aid, and the yearly tuition is almost $50 K. The solution is that I have been given an offer of acceptance if I agree to pay the full tuition cost, so if I can get a student loan, I may be able to make it work. I am extremely serious about this and I fully understand the risk and the reward of borrowing money before college. At this point, I am researching how to acquire loan and so far I am finding complications with the process. Here are my questions: Can I take a loan out before I am 18? Are there student loans/private loans that I can take out as a minor specifically for K-12? My parents have poor credit and have already taken loans out for my sister who goes to U Mich, so there is ln no way that they can take one out themselves. Please post informative links, or any information you can contribute. Thanks. *Please not that I am not looking for advice on whether to take a student loan. I am asking how I can get one for 2 years of boarding school. I will probably have to take a large loan over $30K.

• Answer:

  The only loans you could get for boarding school would be based on your parents' credit (whether from Sallie Mae or any other lender). You'll have to discuss those options with your parents. If they truly have bad credit, you'll have to wait in line for financial aid from your school. Even then, your parents may have to try to take out a loan to pay what financial aid doesn't. Not worth it..not for that short of a time in school. It sucks when you can't have something you really want because you can't afford it, but that's life.